Program for Struggling Homeowners Just a Ploy to Enrich Big Banks

Treasury Makes Shocking Admission

By Zach Carter

The Treasury Dept.'s mortgage relief program isn't just failing, it's actively funneling money from homeowners to bankers, and Treasury likes it that way.

http://www.informationclearinghouse.info/article26251.htm



Corporate America, it's Time to Spread the Wealth

By Michael Hiltzik

Businesses are sitting on a record hoard of cash, but they're not using it to hire workers or pay existing ones better wages. Broadly distributing the fruits of economic growth is the only way to sustain that growth.

http://www.informationclearinghouse.info/article26250.htm



28% of Ga. mortgages underwater

11 million, or 23 percent, of all residential properties with mortgages in the United States were in negative equity at the end of the second quarter.

http://www.bizjournals.com/atlanta/stories/2010/08/23/daily38.html?surround=lfn



One in 10 with a mortgage face foreclosure

One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts to help have had little impact stemming the housing crisis.

http://www.usatoday.com/money/economy/housing/2010-08-26-mortgages-foreclosure_N.htm



Rich no more: 700,000 wealthy people wiped out by the credit crunch

It also highlights how hard the recession has hit the value of savings and investments, which may take decades to recover their value.

http://www.dailymail.co.uk/news/article-1306144/700-000-wealthy-people-wiped-credit-crunch.html



Desperate homeowners line up for mortgage modification marathon

Before dawn, with a plump white moon overhead, a line of desperate home­owners trailed around the outside of the building. They slept in beach chairs or on blankets on the ground, refugees from a bad economy, bad loans, or bad decisions.

http://www.palmbeachpost.com/money/real-estate/desperate-homeowners-line-up-for-mortgage-modification-marathon-882338.html


From Information Clearing House

--------

Chase Bank and Obama's "Make Home Affordable" Scam
http://www.commondreams.org/view/2010/08/26-0

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Will financial crimes perps ever face justice?

Our Future Blog
by Mary Bottari

08/26/10

Some will rob you with a six gun and some with a fountain pen — Woody Guthrie. Like mushrooms popping up in a damp basement, a slew of court settlements have been registered recently involving the big banks and their role in the financial crisis. An informal review of settlements over the last two years reveals about 16 multi-million dollar payouts from the big banks amounting to some $1.6 billion in fines and restitution and $13 billion in buybacks of auction-rate securities that were represented to be as safe as cash. Sounds impressive, doesn’t it? But when fines are stacked up against an elite white-collar crime spree worth trillions, it is a little less impressive...

http://tinyurl.com/38y8qqu


Informant: Thomas L. Knapp



http://sharenews.twoday.net/search?q=Obama
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